• Contact
  • Feedback
Banking Day
ConfidentiallySpeaking.com.au Logo
High-impact negotiation masterclass | July 9 & 16, 2025 | 5:00pm - 8:30pm
This high-impact negotiation masterclass teaches practical strategies to help you succeed in challenging negotiations.
Register Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

CBA to pay refunds after failing to apply loan package benefits

26 November 2015 5:15PM
Commonwealth Bank will refund around A$80 million to customers who signed up for home loan packages that included fee waivers and interest concessions that were then not applied.About 216,000 Mortgage Advance and Wealth Package customers did not receive all the discounts to which they were entitled.In some cases customers have been overpaying fees and interest since 2008.The Australian Securities and Investments Commission said in a media release that the bank relied on staff to apply the discounts manually. An exception reporting system, which was designed to detect when the discounts were not applied, did not work properly.The bank discovered the breach last year and reported it to ASIC. It also hired Ernst & Young to review its systems and ensure its remediation process identified all those affected.The bank started contacting affected customers last month and expects the majority to be repaid by the end of the year.Last month, ASIC announced that CBA would refund $7.6 million to 8400 customers after it failed to apply fee waivers and other benefits on its AgriAdvantage Plus package.The agri package, which included loans, overdrafts savings and transaction accounts, was launched in 2005.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
ConfidentiallySpeaking.com.au Logo
High-impact negotiation masterclass | July 9 & 16, 2025 | 5:00pm - 8:30pm
This high-impact negotiation masterclass teaches practical strategies to help you succeed in challenging negotiations.
Register Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use